Australian Government, The Treasury -

Review of Pensions in Small Superannuation Funds

The Minister for Revenue and Assistant Treasurer announced the Review of the Provision of Pensions in Small Superannuation Funds on 5 August 2004.

The key tasks of the review were to address the Government’s concerns with the provision of defined benefit pensions in small superannuation funds, and to examine options for small superannuation funds to provide pensions to their members that address the Government’s concerns.

The review was conducted by a team within The Treasury, including a representative from the Australian Government Actuary. The review consulted with industry and other stakeholders, superannuation regulators and the Department of Family and Community Services

Initial submissions were invited by 1 October 2004. The initial submissions received assisted Treasury in developing a Discussion Paper which outlines key issues and options and was released on 21 January 2005. Submissions on the Discussion Paper were received until mid-April 2005.

The Government’s response to the review was announced on 27 September 2005. Exposure drafts of regulations to give effect to the Government’s response were made available for comment by 16 November 2005. On 20 December 2005, the Government announced the release of the final regulations which take effect from 1 January 2006.